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BETHESDA, Md. - USEC Inc. (NYSE: USU) supports the concept of providing Russia measured access to the U.S. nuclear fuel market for Russian sales of commercial nuclear fuel. This concept is contained in an amendment to the Russian Suspension Agreement signed this evening by the U.S. and Russian governments.
The amendment provides measured access for Russian commercial nuclear fuel starting in 2011, and full access by 2021. This transition period will allow U.S. producers of nuclear fuel to deploy new production facilities, such as USEC’s American Centrifuge Plant, without the threat of a sudden increase in Russian imports. It should also maintain a stable U.S. market for uranium products that is necessary for the completion of the Megatons to Megawatts nonproliferation program, which provides a substantial portion of the fuel used in U.S. nuclear power plants.
The amendment modifies the 1992 Russian Suspension Agreement that suspended the U.S. government’s antidumping investigation and currently allows uranium imports of Russian material from dismantled nuclear warheads under the Megatons to Megawatts program.
The amendment will allow U.S. nuclear utilities direct access to limited amounts of Russian nuclear fuel for future reloads of existing reactors, plus fuel supply without limitation for initial cores of new reactors. Under the terms of the amendment, Russia agrees to drop a legal challenge to the Russian Suspension Agreement now pending before the U.S. Court of International Trade. This action by Russia will hopefully encourage all industry participants to work on a smooth and lasting implementation to preserve stability, reliable supply and competitiveness in the market.
USEC also supports efforts by the administration and Congress that would ensure the limitations on Russian imports in the amendment can be enforced. These efforts include legal and legislative actions that are intended to ensure that the measured access to the U.S. market for Russian nuclear fuel supply can be effectively managed for all forms of nuclear fuel sales transactions. In this regard, USEC plans to work with the administration, Congress and others to achieve this objective.
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel for commercial nuclear power plants.
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